Gannett UK Limited, a wholly owned subsidiary of Gannett Co Inc, has announced a cash offer for the entire issued and to be issued share capital of Newsquest plc.
The offer, 460p in cash for each Newsquest share, valuing the Newsquest issued share capital at £904 million, has been sent to Newsquest's shareholders. Gannett will also assume or retire Newsquest's existing debt.
Gannett, which is based in Virginia, USA, and which employs approximately 39,000 people worldwide, is a diversified news and information company which publishes 74 daily newspapers, including USA Today, and is the USA's largest newspaper group in terms of circulation. It also operates 21 television stations, and operates cable television systems in three states in the USA.
Jim Brown, executive chairman of Newsquest, said: ''Gannett is a major media company and the prospect of Newsquest becoming part of Gannett represents a great opportunity for Newsquest and its employees.''
Gannett's editorial policy is to have newspapers that seek excellence in reporting on issues that concern their communities, in reaching diverse readers, and in delivering newspapers of consistently high quality.
Converted for the new archive on 19 November 2001. Some images and formatting may have been lost in the conversion.
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereComments are closed on this article